Loan Modification Process

STEP 1. Find out if your loan is owned by Fannie Mae or Freddie Mac by clicking the following link 

Fannie Mae Loan Look-up

Freddie  Mac Loan Look-up

STEP 2. Submit your request by clicking the following link.

Send my Loan Modification Pkg

STEP 3. Gather required documents. Click the following link.

Checklist for documents required for HAMP

STEP 4. One of our Mortgage Specialist will call you to make an appointment and sit with you to discuss your financial situation and gather the documents from you.

STEP 5. Mortgage Specialist will then enter all the required information in  the HAMP Pre- Qualifier System. HAMP Pre-Qualifier System will evaluate your eligibility and run the NPV test. If you meet all the eligibility and NPV test is passed, you will be notified by us and proceed to Step 6.

STEP 6. We will then submit your documents along with 3rd party authorization to release to your lender (servicer).

STEP 7. Upon receipt of the documentation, your lender (servicer) will run your eligibility and NPV test in their own system. Once your lender determine your eligibility, they will send you a firm solicitation offer indicating that you qualifies for the Home Affordable Modification, using the following document:

Home Affordable Modification Trial Period Plan Notice (Income Verified)

If you are ineligible, your lender (servicer) will send you letter advising you about other loss mitigation options.

STEP 8. In general if your Debt to Ratio are over 55%, your lender (servicer) will send you a debt counseling letter in envelope with the fully executed Trial Period Plan. Debt counseling is required as part of the Trial Period Plan. See example of this letter using the following document.

Home Affordable Modification Program counseling Letter 

STEP 9. Send your First Trial Payment on or before the Due date noted in your Trial Period Plan Agreement. Make sure to write your loan number in the memo of the check and mark as 1st, 2nd or 3rd trial payment as you send them.

Step 10. After you have send your 2nd trial payment, your lender (servicer) will convert the Trial to the permanent loan modification. Once that happened, you will receive permanent modification agreement by mail. You must sign the agreement and send to your lender before the due back date noted in letter. Click the following link to see how the permanent loan modification agreement looks like.

Permanent Loan Modification Agreement Sample

Very important- Please note that during the Trial period, it is required that you must stay current on your trial payment. If you have missed one trial payment, you will not be eligible for permanent modification.

Please note that after you have sent your 2nd trial payment, it may take longer to receive permanent modification as your lender (servicer) is processing so many applications and it could delayed the process. For time being, please make sure you keep making the same amount of payment as in trail until you receive permanent modification.

Congratulations!!! you have successfully completed the Modification. If you have any further questions, please call us at 703-349-1084 or fill this QUICK ONLINE request form to have one of our specialist contact you today.